In late 2011, Discover made a play for the wallets of frequent
travelers by eliminating foreign transaction fees and ramping up
its travel rewards cards. Partnerships with Japan's JCB and
China's UnionPay mean that many merchants throughout Asia now
accept the Discover Card.

Like Capital One's Venture Card, Discover uses "miles" instead of
points to track your rewards. New cardholders can earn 1,000
bonus miles each month during the first 2 years with the card,
plus an extra 1,000 miles at signup. Beyond that, you'll earn 2
miles for every dollar you spend, for a reward value that exceeds
Discover's typical CashBack Bonus.

Chase rolled out a series of travel credit cards aimed at
business and luxury travelers over the past year. One of today's
best airline credit card deals includes bonus rewards points in
BA's Executive Club just for hitting spending goals in the first
12 months.

Besides waiving foreign transaction fees, Chase and British
Airways add opportunities for annual companion fare vouchers,
plus an embedded EMV smart chip that makes traveling through
Europe easier. Max out on bonuses, and you and a companion can
fly from New York to London in BA's Club World sleeper seats for
about the same price you'd pay for ordinary coach class tickets.

It's a quirk of international banking law that puts cash in your
pocket and makes those Visigoths look like darn good guys. As
Capital One expanded its portfolio
through global acquisitions and mergers, it picked up a U.K.
business charter. Unlike here in the States, U.K. banks can't
charge foreign transaction fees. Therefore, no Capital One credit
cards charge FTFs.

Keen eyes will note that Capital One's daily
currency exchange rates tend to drift a little higher than those
of its competitors. However, with many travel rewards cards that
offer bonus miles and no annual fee, Capital One still offers one
of the cheapest ways to avoid paying extra for overseas
transactions.

American Express supercharged the
business traveler's favorite charge card with bonus rewards that
really pay off at the airport. The $450 annual fee may seem
steep, until you add up the value of the perks and rewards AmEx
stacked up for its cardmembers on this no-FTF account.

Platinum Card now serves as your ticket to a network of over 600
airport lounges, even those operated by airlines you don't
normally fly. You can also request up to $200 every year in
reimbursements for airline fees, such as bag check charges and
in-flight amenities. American Express concierges are standing by
with access to hot entertainment and top restaurants in your
destination city, or even if you're staying at home.

Citi's own elite no-FTF business credit card targets the same
market as the American Express Platinum Card, building on its
partnership with American Airlines for bonus perks and
benefits. Like American Express, Citi bundles family airport
lounge access into this $450 annual fee account. Without
AAdvantage Gold status or higher, fliers have to pay $825
per year for the same membership.

American Airlines also waives luggage fees for the first checked
bag on flights paid for with this EMV chip card. Signup offers
for new account holders have included up to 25,000 bonus miles,
plus an annual award of 10,000 elite qualifying miles after
$40,000 in eligible purchases.

Your support for military families can qualify you for Pentagon
Federal's Promise Visa, a no-frills credit card with a low APR,
no annual fee and no foreign transaction fees. In addition to
saving you cash when you travel, this card currently features a
balance transfer offer with no upfront fee and a low interest
rate for as long as you need to pay down your debt. If you or a
family member haven't served in the armed forces, you can still
earn membership in PenFed by donating to one of the credit
union's partner charity organizations.

Tips for using credit card abroad
While traveling overseas, keep these tips in mind to ensure that
the best credit card deals don't end up costing you more than
converting cash:

Use the local currency. Ask merchants to charge
your credit card in local currency. Many retailers in high
tourist traffic areas may offer to convert your purchase to
dollars, but at exchange rates that may be less favorable than
your bank's.

Get your PIN. If your credit card contains an
embedded EMV smart chip, ask your bank for its personal
identification number before you leave the United States. You'll
need this PIN in some parts of Europe where merchants fear
getting ripped off by cloned magnetic stripes.

Conserve your cash. Remember that your bank may
charge an extra processing fee and a higher APR for cash advances
made at ATMs.

Finally, even if you have just started carrying one of these top
rated credit cards, let your lender's fraud department know your
itinerary a few days before your departure. This reduces the
chances of your account being declined while you're away from
home, and they can better prepare to issue you a replacement card
or emergency funds if you lose your credit card.

Important Note! The information in this article is believed
to be accurate as of the date it was written.

Please keep in mind that credit card offers change frequently.
Therefore, we can not guarantee the accuracy of the information
in this article. Please verify all terms and conditions of any
credit card prior to applying.

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